Renault stays in F1 for 2010, and reaffirms Red Bull engine link

Renault have confirmed that they are to stay in Formula 1 for the 2010, and they are to sell a large stake of the team to Genii Capital.

The team will continue to run under the name Renault, and will keep its current engines. The Red Bull team will also continue to use Renault engines next year.

As part of a statement, Renault said: A statement issued by Renault said: “After 35 years in the sport, Renault announces a new phase for its F1 programme, consistent with Formula One’s drive for cost efficiencies. Formula One remains one of the biggest sporting spectacles in terms of annual television audiences and media exposure. Renault therefore believes that the impact of Formula One in terms of image, and brand awareness worldwide, particularly in new, emerging markets, will continue to play a key role in fulfilling the company’s growth objectives in years ahead.”

“With the anticipated sale of a stake in its F1 operational base in the United Kingdom to Genii Capital, Renault achieves another step that will definitely bring F1 participation to an affordable level for the Group. In addition, the new partnership will contribute to procuring the team the resources to compete sustainably at the highest level, and creates a great opportunity to modernise its governance.”

The team has already confirmed Robert Kubica as one of its drivers for next season.